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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Coinbase Pro Coinbase's exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.
Bitpanda Pro Buy Now Bitpanda Pro is Bitpanda's traditional exchange product, where users trade with each other instead of buying directly from Bitpanda. This means lower fees and more advanced trading options than Bitpanda's main brokerage service.
Bity Buy Now Bity is a Bitcoin exchange and ATM operator, based in Switzerland. Their 5 ATMs allow for a quick first purchase and only require phone verification for an initial buy limit of 1,000 EUR or CHF. Their online service accepts wire transfers, SOFORT and online bank transfers.
Bitstamp Buy Now BitStamp is one of the world's largest and most well-known Bitcoin exchanges. Deposits can be made through bank transfer, SEPA transfer, international bank wire, and now even credit cards.
Bitcoin ATMs Buy Now You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Bitfinex Buy Now Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%.
In August 2016, however, it was hacked and lost around 30% of its users funds. While Bitfinex can be helpful for buying large amounts of bitcoins, it is probably best to not use the exchange until it fully compensates affected users.
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Buying Bitcoin in Italy is easy thanks to the European Union's friendly attitude towards the decentralized asset.
Using an Italian bank, you can buy Bitcoin from any of the mainstream exchanges, based in Europe and abroad, using Euros.
First, you'll need a wallet. When you buy Bitcoin with a popular exchange like Bitpanda or Luno, you'll have a wallet on the exchange. However, your coins are best kept on cold storage, safe from theft.
We recommend the Ledger Nano X, one of the safest and most popular wallets on the market.
COMPARISON
Next, sign up with one of the above exchanges, add a payment method, and start trading Bitcoin.
There are several exchanges offering Bitcoin in Italy, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Another way to buy Bitcoins in Italy is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin, they are more private than exchanges.
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Italy has access to many large Bitcoin and cryptocurrency exchanges.
Have a look at our favorites below:
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
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There are three main types of Bitcoin wallet and all of them are supported in Italy:
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.
ZenGo is an easy-to-use iOS and Android Bitcoin & crypto wallet. Start within 20 seconds.
Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.
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In July of 2017, Italian crypto exchange BitGrail had 2.5 million Nano coins stolen from its wallets. It later came to light that the exchange was storing all client funds in a hot wallet. The exchanges founder, Francesco Firano, apparently did not learn his lesson, as another 7.5 million Nano were stolen the following October.
In December, Firano moved the coins from a hot wallet to a cold wallet and would intermittently suspend all exchange activity, including withdrawals.
It was then later made evident that mere days before these hacks were announced in February of 2019 (months after they occured), Firano moved 230 Bitcoins from the BitGrail exchange wallet into his personal account on another cryptocurrency exchange.
Finally, as a result of US law firm's suits against both Nano and BitGrail, it came to light that Nano marketing teams had directed uses to deposit coins on BitGrail.
Firano was eventually forced by the courts to file for bankruptcy and hand over all exchange and personal assets to a trust to pay back BitGrail customers as much as possible.
In February of 2020, a tiny Italian exchange named Altsbit had "almost all" of its customer coins stolen in a hack. The grand total of the value of the coins comes out to US $27,000. Despite the tiny amount of money stolen, it was cold comfort to anyone who had their coins deposited on the exchange and acts a cautionary tale for all traders to stick to large exchanges with deep pockets and a dedicated security team whenever possible.
In December of 2018, the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) - bascially the equivalent of the Securities and Exchange Commission - suspended the operations of a company called Avalon Life. In particular, the two businesses that Avalon Life was running were called Bitsurge token and Green Energy Certificates.
In both cases, Avalon Life was guaranteeing returns to investors in these projects (returns that were also unrelastic, ranging from 6 to 13%.). In the case of Green Energy Certificates, it was especially dubious, as the company marketed the certificates as a way to buy parts of "the rainforest" on the blockchain.
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While most people in Italy choose to buy Bitcoin from one of the trusted exchanges listed above, tech savy Bitcoin enthusiasts will often mine their Bitcoin instead.
All of the Bitcoin in circulation today was created thanks to miners, who use powerful mining hardware to verify the network and earn Bitcoin as their reward.
The main factors contributing to mining profitability are electricity cost and the price of Bitcoin. Each time a miner successfully validates a block, they're given a block reward (which is halving soon, by the way.)
If the cost of electricity used to power your mining hardware is lower than the price of Bitcoin, you're profitable - otherwise, you're losing money.
Bitcoin mining is not what it used to be, and has come far from its golden age. Advanced mining hardware is required to mine Bitcoin, and is usually only profitable in a large-scale mining operation in a country where electricity is cheap.
Using a simple Bitcoin mining profitability calculator is a great way to determine the mining profitability in your area. Enter the hashing power of your mining hardware and the cost of electricity where you live to figure your mining profitability.
In Italy, the price of electricity per kWh is EUR 0.24, which is approximately double that of the United States. Even with a powerful ASIC miner like the Antminer S19 Pro, you'll lose thousands in electricity cost. $6,461.66, to be exact!
Mining Bitcoin in Italy is far from profitable, and should only be done as a hobby or for fun, without the intention of turning a profit. That means if you're interested in acquiring Bitcoin, use one of the exchanges listed above, like Coinbase or Coinmama.
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Citizens of Italy can convert, buy, and sell cryptocurrencies with fiat. Supported payment methods are:
There are many Bitcoin ATMs all over Italy, so you are likely never too far away from one if you need to pick up some Bitcoin quickly with cash.
The current price of Bitcoin in Italy is €8,888, however this amount changes every minute, so always check the value on your local exchange.
Any exchange with a Euro trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has EUR trading pairs for many popular coins.
Another way to sell Bitcoins in Italy is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private.
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his full bio.
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